Analysts had expected Google to report somewhere around $6.60 earnings per share and roughly $17.5 billion in revenue. Like last quarter, Google missed the mark today, but investors don’t seem too upset by the miss. The company’s currently trading up by about three percent after-hours, after trading slightly up all day.

So, about that miss: Is Google in trouble? It depends on how you look at the company.

Google recorded over $15.5 billion in ad revenue over the last quarter alone. And that figure is up 11 percent from Google’s 2014 Q1 ad revenue.

But some investors are indeed worried. Google’s average cost per click — the money it makes every time you click on an ad — continues to decline (although the rate of decline is slowing). And Google’s aggregate paid-click growth continues to slow. These aren’t good trends, this isn’t a new problem, and the whole situation looks worse when you consider Google’s expensive, mysterious “moonshots,” including Glass, self-driving cars, and the long-awaited Project Fi wireless service.

So Google is at a crossroads, regardless of the company’s results today. We’re assuming investors will eventually pressure the company to reverse these trends. But today, it seems, they’re all right with slightly low results across the board.

Analysts had expected Google to report somewhere around $7.08 earnings per share on roughly $14.61 billion in revenue. Clearly, Google missed the ball a bit this quarter.

For the entirety of Google’s fiscal 2014, Google recorded $66 billion in revenue, “up 19 percent year on year,” according to Google chief financial officer Patrick Pichette. About 30 minutes into after-hours trading, investors drove the stock down nearly 3 percent.

Stepping back, it’s noteworthy that we’re not looking at a train wreck. Google continues to drive massive revenue, and its revenue growth is not grinding to a halt. Similarly, as VentureBeat’s Ruth Reader noted last year, Google’s advertising business still “rests at the top of the food chain.” Google also cited other factors, including “strong currency headwinds,” which influenced its results this quarter.

Last quarter, Google says its aggregate paid clicks increased “approximately 14 percent” while the average cost per click dropped 3 percent. For comparison’s sake, Google said in October that its aggregate paid clicks “increased approximately 17 percent over the third quarter of 2013,” while the average cost per click “decreased approximately 2 percent over the third quarter of 2013.” In July, those figures were +25 percent and -6 percent, respectively. In April, +26 percent and -9 percent, respectively.

The trend here is simple: Google has managed to slow its declining average cost per click, and that’s a good thing. But Google’s aggregate paid-click growth is slowing — that’s not so good.

At the moment, investors appear most concerned about the growth of Google’s core advertising business, including the declining value of cost per click ads in an increasingly mobile-first world (sorry for the cliché).

Meanwhile, Google continues to make major bets on “moonshots” — experimental projects with potential long-term success but little immediate payoff, like Google’s self-driving car, which officially became fully functional in the fourth quarter.